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GBLT Corp
Symbol GBLT
Shares Issued 112,525,619
Close 2019-11-27 C$ 0.10
Recent Sedar Documents

GBLT loses $101,029 in nine months

2019-11-28 16:06 ET - News Release

Mr. Joachim Senst reports

GBLT CORP. ANNOUNCE THIRD QUARTER 2019 RESULTS; GROSS MARGIN INCREASE BY 20%; EBITDA INCREASES FROM (631,936) TO 171,756

GBLT Corp., indirectly through its operating company, GBT GmbH, has released financial results for the first nine months of the year ended Sept. 30, 2019.

Third quarter 2019 financial highlights:

  • Revenue for the first nine months of 2019 remained stable at 14,895,254 in line to 14,734,323 for the first nine months of 2018;
  • Gross profit during first nine months of 2019 increased by 20% to 1,179,672 compared with 985,498 during the same period in the previous year and;
  • Gross margin increased to 8% during first nine months of fiscal year 2019 from 7% for first nine months fiscal year 2018;
  • Operating expenses during the first nine months of 2019 decreased by 10% to 1,297,294 compared with 1,447,503 during the same period in the previous year;
  • Adjusted EBITDA for the first nine months of 2019 was 171,756 as compared to an adjusted EBITDA loss of 631,936 during the same period in the previous year,

Reconciliation of Adjusted EBITDA

Adjusted EBITDA is a non-IFRS financial measure that we calculate as income (loss) before income taxes excluding depreciation and amortization, stock-based compensation expense, non- recurring non-operating expenses, interest expense, and gain or loss on financial instruments and foreign exchange.

Adjusted EBITDA is a measure used by management and the Board to understand and evaluate our core operating performance and trends. This measure differs from contribution in that adjusted EBITDA includes additional operating costs, such as general and administration expenses and marketing, but excludes funding interest costs.

The following table presents a reconciliation of adjusted EBITDA to loss before income taxes, the most comparable IFRS financial measure for each of the periods indicated:

                                                                   For the Nine months ended September 30,
                                                                                  2019               2018
EBITDA                                                                                                   
Comprehensive Loss for the Period                                              (101,028)           (3,816,523)
Foreign exchange gain (loss)                                                      (1,573)              (13,364)
Change in fair value of derivative                                              (15,020)                      -
Listing recovery (expense)                                                              -            3,144,321
Depreciation                                                                        8,264                15,838
Currency exchange loss (gain)                                                     41,389               (27,859)
Listing and filing fees                                                           31,026                      -
Financing fees                                                                    93,814                      -
Interest and bank charges                                                        114,884               154,345
Adjusted EBITDA                                                                 171,756              (631,936)



  Summary of Financial Results and Information

                                        Nine months ended
                                      September    September
                                        30, 2019      30, 2018
                                                             

 Revenue                               14,895,254      14,734,323

 Gross Profit                           1,179,672         985,498

 Gross Margin                                  8%              7%

 Expenses                               1,297,294       1,447,503

 Net Loss for the period                (101,029)      (3,816,523)

 Basic loss per share                       (0.00)          (0.03)

Full details of the financial reports and operating results for the three and nine months ended September 30, 2019, are described in the Company's condensed consolidated interim financial statements with accompanying notes and related management's discussion and analysis, available on SEDAR.

About GBLT

GBLT, indirectly through its operating company, GBT GmbH, is a diversified lighting and battery company and the official licensee for Polaroid light products (LED and all other lighting technology including retail and projects), Polaroid Digital displays, AGFAPHOTO mobile energy products (such as batteries) and KODAK lithium based storage systems (mobile and household) and solar panels.

We seek Safe Harbor.

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